Live: Sensex\, Nifty Advance; I.T. Index Up 4.5%

Live: Sensex, Nifty Advance; I.T. Index Up 4.5%
A foreign currency dealer speaks on a telephone in a dealing room of Hana Bank in Seoul, South Korea. (Photographer: SeongJoon Cho/Bloomberg)

Live: Sensex, Nifty Advance; I.T. Index Up 4.5%

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Buzzing Stock: Karur Vysya Bank

  • Second best performer on the Nifty Smallcap Index
  • Gains as much as 6.67% to Rs 36
  • Trades at the highest level in over three months
  • Up for the second straight day
  • Has gained in four out of the five trading sessions this week
  • Up 32% so far this week
  • Best weekly return in over two months
  • Set to post second successive weekly gain
  • Today's volumes are 4.4 times higher than its 30-day average
  • Trades in overbought territory with Relative Strength Index (RSI) at 77
  • Has doubled from its 52-week low of Rs 18.75 on March 24, 2020
  • 9 out of the 15 analysts tracking the stock have a buy recommendation; 2 sell calls
  • Return potential of the stock as per Bloomberg data is 26.8%

Covid-19 Impact: IRCTC

  • E-ticketing platform severely impacted due to suspension of train services. Bookings likely to drop in the coming quarters as well.
  • Q1FY21 may be adverse for the catering business.
  • Travel and tourism business will also be impacted, as has been in the rest of the world.
  • Production in rail neer plants could not take place during the first 45 days of the lockdown.
  • Plants are now running with reduced capacity due to lesser number of trains.
  • Business situation may normalise in H2FY21
  • Debt-free company and enough liquidity to finance arrangements.

Shares fell as much as 5.1% to Rs 1,340 and are the second worst performers on the Nifty Midcap Index.

Markets At Noon

  • Benchmark indices hold on to gains
  • Nifty up 0.62% at 10,355
  • Sensex up 0.6% at 35,061
  • Nifty Bank down 0.1% at 21,486
  • Nifty Midcap and smallcap index up 0.7%
  • India Volatility Index unchanged at 29.71
  • Nifty I.T. index remains the top sectoral gainer; up 4.5%
  • Nifty Metal index is the other sectoral gainer; up 1.25%
  • Nifty FMCG index snaps six-day gaining streak; down 0.6%
  • Infosys remains the top Nifty gainer; up 6.4%
  • Kotak Mahindra Bank is the top Nifty loser; down 3.3%
  • 1,178 stocks on the NSE trade with gains while 559 decline

Stock Reaction: PNC Infratech

The construction company won a Letter of Award from the NHAI for a 53.95 kilometer long four-laning of the Meerut-Nazibabad section.

The range falls under NH-119 and in the state of Uttar Pradesh, according to the company's exchange filing.

The order has been won on a Hybrid Annuity Mode under the Bharatmala Pariyojana for a bid project cost of Rs 1,412 crore.

Shares gained as much as 16.7% - its biggest ever single-day surge on record to Rs 155. The stock is now off the day's high, trading with gains of 8.7%.

Metal Stocks See Healthy Gains